FAST-DS 2026: Complete Guide to the Foreign Assets of Small Taxpayers Disclosure Scheme The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) is a one-time compliance opportunity introduced by the Government of India for eligible taxpayers who have not properly disclosed certain foreign…

For prop firm traders earning income through overseas proprietary trading firms, FAST-DS 2026 can provide an important opportunity to regularise eligible foreign income or assets that may not have been properly disclosed in earlier Indian tax returns. The scheme came into force on August 16,…

FAST-DS 2026 can be particularly relevant for Indian crypto traders and investors holding undisclosed foreign crypto assets or accounts. It may help eligible taxpayers regularise certain foreign assets, such as: For qualifying Category 2 cases, assets up to ₹5 crore may potentially be regularised for…

A comprehensive guide for Indian traders participating in global proprietary trading firms Over the last three years, proprietary trading firms - commonly known as "prop firms" - have exploded in popularity among Indian retail traders. Platforms like FTMO, The Funded Trader, MyForexFunds, Apex Trader Funding,…

Simplifying Cross-Border Finances for an NRI Client Background Mr. Vemuri, a Non-Resident Indian (NRI), faced challenges in managing funds remitted to India while working overseas. He was concerned about tax exposure, regulatory compliance, and the complexities involved in cross-border financial transactions. To ensure smooth remittance…

A Non-Resident Indian (NRI) can open the following bank accounts in India, subject to RBI rules. A person who resides outside India can open an NRO account to carry out genuine transactions in Indian Rupees. Individuals or entities of Pakistan nationality or origin, and entities…

Background and Limits The Liberalized Remittance Scheme (LRS) was introduced by the Reserve Bank of India (RBI) through A.P. (DIR Series) Circular No. 64 dated February 2004, with the objective of simplifying and liberalizing foreign exchange facilities available to resident individuals. Under the LRS, resident…

The Income Tax Department has drawn attention to serious concerns linked to virtual digital assets, including cryptocurrencies, reinforcing the caution earlier expressed by the Reserve Bank of India. The department pointed to issues such as user anonymity, cross-border fund movements, and the difficulty of tracing…

The Ultimate Guide to Prop Firm Trading: How to Get Funded and Scale. India 2026 The financial landscape has shifted. For decades, the primary barrier to professional trading wasn't a lack of skill, but a lack of capital. Today, the rise of Proprietary (Prop) Firm…

Who qualifies as a Seafarer or Merchant Navy Worker in Income Tax Act? To begin with, it is fundamentally important to clarify that the Income Tax Act, 1961 (hereinafter referred to as the ‘Act’), does not strictly define or recognize specific occupational terms such as…

Background: Rising Income Tax Scrutiny for NRIs, OCIs & Returning Non-Residents In recent years, the Income Tax Department of India has significantly strengthened its technology-driven intelligence and data-tracking capabilities. Through advanced information systems, the department now captures and consolidates financial data from multiple reporting sources…

The Income Tax Department may initiate an Income Escaping Assessment under Sections 148 and 148A when taxpayers fail to report or include any specified income in their Income Tax Returns. Income Escaping Assessment Assessment or re-assessment refers to the process by which the department verifies…

PF Withdrawal – How to Withdraw PF Amount Online The Employees’ Provident Fund Organisation (EPFO) allows members to withdraw their Provident Fund (PF) balance at retirement. Members can also withdraw earlier in cases such as unemployment or urgent need. If KYC is complete, members can…

The appellate framework under the Income Tax Act, 1961 is a carefully designed, multi-tier system that allows taxpayers to challenge orders passed by tax authorities. Given the complexity of tax assessments and the wide range of disputes—from additions under Section 69A to penalties under Section…

Non-Disclosure of Foreign Assets in ITR – Black Money Act & Tax Implications – NRIs, Returning NRIs, Resident Indians A significant number of individuals who fall under the diverse categories of Non-Resident Indians (NRIs)—particularly those specifically known as "Returning NRIs" who are permanently relocating back…

Cryptocurrency tax reporting is one of the most complex areas in personal finance. With thousands of tokens, multiple blockchains, and diverse transaction types (staking, swapping, bridging, lending, etc.), calculating gains accurately is no small feat. Crypto tax tools like Koinly, CoinTracker, Accointing, ZenLedger, and others…

The Indian government has taken significant steps to curb black money and undisclosed foreign assets held by residents outside the country. One of the key legal tools in this effort is the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Any receipt of money, movable property, or immovable property received as a gift is taxable when it is received: Without consideration, or For inadequate consideration Such receipts are taxable under the head “Income from Other Sources” in the hands of the recipient. Non-Resident Individuals (NRIs)…

Any profit or loss that arises from the transfer of a capital asset is treated as capital gains. Such gains are taxable under the head “Income from Capital Gains” in the year in which the transfer takes place. This applies unless the Income-tax Act provides…

Successfully Defending a Large Crypto Trader Against Income Tax Notice - India 2026 In recent years, the Income Tax Department (ITD) has increased scrutiny on cryptocurrency (Virtual Digital Assets or VDA) transactions due to concerns about tax evasion and underreporting. Many traders and investors have…